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Special Report With Bret Baier

News/Business. Bret Baier. (2011) New.

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U.s. 8, Shannon 6, Us 6, Washington 5, At&t 4, Bush 4, Afghanistan 4, Canada 4, Purina 3, America 3, Casey Anthony 2, Kerry 2, Mike Emanuel 2, Bret Baier 2, Advair 2, You Look 2, Copd 2, Transcanada 2, United States 2, Obama Administration 2,
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  FOX News    Special Report With Bret Baier    News/Business. Bret  
   Baier.  (2011) New.  

    July 4, 2011
    6:00 - 7:00pm EDT  

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♪ ♪ >> shannon: will republicans accept a short-term fix on the debt ceiling as the deadline day builds? there is a cut, cap and balance pledge. report from the presidential candidates. a massive undertaking to get canadian oil to the u.s. live from the studio in washington, this is "special report." good evening. i'm shannon bream in for bret baier. official washington and much of the rest of the country enjoys the fourth of july holiday, many are already anticipating renewed rank starting tuesday over the debt ceiling. we are inside a month until the date the treasury says the government reaches the borrowing limit. white house correspondent mike emanuel shows us where we are right now. after the parade passed, the crowd has gone home, the real
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fireworks in washington will shift to the debt ceiling dilemma. with an august 2 deadline looming. senate democratic leader harry reid canceled this week's recess penalling the senate will continue to work until the job is done. on "fox news sunday," john cornyn floated the idea of floating short-term or mini deal on the debt ceiling, although it wouldn't be perfect. >> the big problems wouldn't go away. it just delays the moment of truth. i say better now than then but if we can't, we'll take the savings we get now and relitigate this as we get closer to the election. >> the white house toughened the language in recent days, criticizing congress and specifically republicans. speaking to the national education association on sunday, vice president biden sounded campaign mode using class war fair argument against the republican -- war warfare argument against the republicans. >> they believe 1% of the wage
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earners controlling 1% of the wealth is a vehicle to spur economic growth. because those with the wealth know the most that will know best to do with that wealth. >> some republicans have punched back by being critical of the process the white house chose to address the problem including negotiations led by the vice president. we have been waiting on secret talks to somehow settle our problem. but congress is the constitutional place for this to be decided. >> cornyn sounded worried a possible white house strategy may be stalling until the last minute and racing toward a deadline deal. >> nobody will have time to read it or consider implications of it. they'll say you have to pass it or the economy is going down the tubes. that is just irresponsible. >> but before there is further discussion, it is, of course, the fourth of july. tonight, the first family will host 1200 mill stair families to south laup of the white house for a red, white and blue celebration. they will get the prime seats to watch fireworks over the
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national mall if the weather holds. >> great way to celebrate your independence day. mike emanuel live at the white house. thank you, mike. the politics of the debt crisis in the 2012 race for the republican side. many candidates signed a pledge thatlies out conditions for raising the debt ceiling. correspondent doug mckelway has details. >> i like your sunglasses. >> on a sparkling independence day in clear lake, iowa, republican presidential candidate michele bachmann worked a parade crowd and asserted ind pep dense from the g.o.p. -- independence from the g.o.p. pack. she is one of only two republicans to not sipe the cap and cut, balance the budget she wants it to go further to defy the healthcare law. jon huntsman the other penal the resistor wants a stand-alone penal. they have become the next litmus test for republican candidates.
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>> it's a litmus test for me. i have said publicly i won't support any presidential candidate. in fact, i won't support any candidate for any federal office who is not willing to make the same commitment. >> the cut of cut, cap and balance would impose immediate spending cuts to reduce deficit by half next year. the cap would enforce enforceable cap to bring spending in line with annual revenue of 18% of the gdp. the balance would require house and senate passage of a balanced budget amendment to the constitution. some say the pledge out theed here in the web ad offers escape from the debt ceiling gridlock. >> if we could for the first time in american history pass to the house and senate a balanceed budget amendment, send it to the state for ratification, that is -- this could be one of the defining moments in american history where we get the right things put in place so we never get to this point again where we are on the verge of a debt crisis. >> for all the optimism, one thing stands in the way of passage. senate.
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with 53 democratic votes. cup cap and balance would be a hard sell there. at the same time, the wording of the penal avoids mention of tax increases and therefore allows both parties politically less painful way of reducing long-term debt in washington, doug mckelway, fox news. >> shannon: the casey anthony murder trial has gone to the jury but no verdict today. attorneys wrapped up the closing arguments this morning. prosecutors say anthony suffocated her 2-year-old daughter with duct tape, because the girl got in the way of her love life. the defense says caylee anthony accidentally drowned in the family pool. if conflicted, casey anthony could get life in prison or the death penalty. search is underway today off the baja california, peninsula, for survivors of fishing boat accident. mexican navy says the 115-foot tourist boat capsized early sunday morning after being hit by two large waves. at least one american tourist has died. seven others are missing. coast guard officials say some survivors swam safely to
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shore. oil pipeline that released tens of thousands of gallons of fruit into montana yellowstone river was shut down in may over concern over rising waters. last year they warned exxon-mobil of safety violation along the line. exxon says 42,000 gallons spilled friday night and the cause has not been determined. the price of gasoline is holding steady at $3.56.5, which we round to $3.57. it hovered there for a week. last fourth of july the price was $2.74 a gallon. that volatility has americans looking for a terptive to mideast oil. to feed the voracious appetite for fuel. >> imagine pipeline 6,000 kilometers long. on scale with the pyramid of giza. if they get the green light, the transcanada corporation will have a pipeline from the
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oil sands of alberta, canada, to houston and port arthur, texas. the existing keystone pipeline funnels 500,000 barrels of crude oil a day to refineries in illinois. they say keystone xl would boost imports by 830,000 barrels per day. generate $34 billion in tax revenue for the u.s. treasury and put unemployed americans back to work. >> through the fuel utilization of the canada oil span, we could create 340,000 u.s. jobs between 2011 and 2015. >> environmental activists warp the route would take them over the ogalala aqua fore. the kind of pipe that transcanada plans to use is suspectable to rupture and the exploitation of the alberta deposit of ritamin that could lead to heavy greenhouse gases over the lifecycle of the resources. >> it means more incidence of
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asthma and respiratory diseases. >> they found to environmentalists displeasure that the key-tone project would pose limited adverse environmental impact. some analysts say the obama administration would likely approve the project based op comments like these from the president himself. >> when it comes to the oil import from other nations, we have to look to neighbors like canada and mexico, stable and steady and reliable sources. >> with input from nearly a dozen other federal agencies in hand, the state department is expected to hand down the ruling by year's end. plus a republican controlled house energy and commerce committee last month approved a bill that would force the state to rule no later than november 1. shannon? >> james rosen. thank you. >> all right. >> shannon: a statue of former president ronald reagan was invail today in london. the 10-foot bronze memorial located outside the u.s. embassy. the former secretary of state condoleezza rice was at the ceremony. it was commissioned by the
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reagan foundation and financed by private donors. still ahead, the special fourth of july economic round table. but first, should suspected terrorists be killed or capture and debriefed? nnouncer ] ever wish vegetables didn't taste so vegetably? well, v8 v-fusion juice gives you a full serving of vegetables, plus a full serving of fruit. but it just tastes like fruit. and try our deliciously refreshing v8 v-fusion + tea. whose long day starts with arthritis pain... and a choice. take tylenol arthritis and maybe up to s in a day... or choose aleve and two pills for a day free of pain. happy chopping. we get double miles on every purchase,
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>> shannon: looking a world news, mexican authorities arrested a drug lord in depth of american customs agent. agualar is said to be third in
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command of the cartel, and was allegedly involved in killing an agent, zapata. a crowd reported to exceed 100,000 gathered in pyongyang. to dennounce south korea. they're still technically at war. tensions escalated since the north torpedoed a south korean warship 16 months ago. syrian troops raided homes and made sweeping arrests today. 20 people were wounded in the city. it happens after 300 protesters held the largest demonstration since the uprising began in march. back at home, there is a debate over what to do with suspected terrorists. national correspondent catherine herridge reports the answer could determine how much we learn about our enemies. >> with no new detainees at guantanamo bay since march 2008, a top military commander told congress recently that capturing
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suspected terrorist leaders alive is a difficult issue. in many cases the operative is taken offshore until a decision is approved by the white house. >> it what is the longest we keep somebody on the ship? >> it depends whether we think we can prosecute the individual in a u.s. court or return him to a third party country. >> what if you can't do either one of those? >> if we can't do either one of those, we'll release the individual. >> with no consistent policy on detention or prosecution, congressional sources tell fox they fear the pre-emptive option is the kill option. under president obama's watch, multiple al-qaeda operatives killed by the c.i.a. or military operations, including an alleged planner of u.s. embassy bombing in africa. al-qaeda's top leader in afghanistan. and most recently, kashmiri, operational commander was reportedly killed in pakistan. at the recent news conference, the president insisted gaining intelligence remained the priority. >> that mitigates against this
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danger that you are suggesting that our main goal is going to be to kill the individuals as opposed to potentially capturing them. >> with no new high-value captures, some say intelligence a long-term casualty. >> because of the reluck tance of the administration, you have pushed this program to an area where you either have to kill someone or let them go. >> just last week, the obama administration said that the cornerstone of the new counterterrorism strategy is surgical strife. the upcoming campaign in yemen and somalia is similar if not identical to the drone campaign of tribal areas of pakistan. >> shannon: thank you. >> you're welcome. >> shannon: lawyer for french lovellis novelist says sl fire criminal complaint tuesday accusing dominique strauss-kahn of rain. she said the former fund fund chief tried to undress her in 2002 and it's reported strauss-kahn will try to sue
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her with slappedder. he is charged with sexually assaulting new york hotel maid but that has been hurt due to the accuser's credibility. ic ifing what ails the american economy. we talk about that later. you next, the -- up next, the long and dusty road for wounded warriors. [ male announcer ] this...is the network --
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it's the at&t network... >> shannon: tonight we bring you another look at an event honoring america's wounded warriors. bret baier spent time with group of amazing veterans and their former commander in chief. ♪ >> the big bend area of southwest texas. a desert land scape of endless vistas. framed by mountains and towering buttes. a place where temperatures can soar well above 100-degrees by
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day and plunge to near freezing at night. it was on this unforgiving ground that 14 wounded veterans of the wars in afghanistan, and iraq, waited for their former commander in chief to take part in the warrior 100k bike ride. ♪ ♪ >> for the heroes it would be a test of their skill and fortitude. for president bush, it was an opportunity to raise awareness of the wounded veterans themselves and their proud spirit. >> yes, sir. good to see you again. how are you doing? >> for me, it was a chance to observe up close and up precedented gathering of wounded warriors and their former president. >> you ready? >> yeah. >> i really don't miss much about washington. i miss you, but not much. but i do miss being the commander-in-chief. it's an unbelievable experience to salute men and
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women who wear the uniform and volunteer in the face of danger. and this is one way for me to repay my gratitude. >> it's an honor to be here with him. >> army sergeant sam sulla injured by an i.e.d. can't wait to saddle up with the president. >> we have a connection, that we have. love of country, love of sport and our love for american soldiers. awesome. >> it's personal. truly personal. >> army specialist jacob lerner who lost his left foot to land mine in afghanistan in september of 2008 feels the same way. >> i'm speechless about it. ready to get out there and ride really. >> i can't wait to come back home and put away my gun. ♪ ♪ do nothing but love ♪ start again if we can where it was ♪ >> from get-go, the rules are clear. no quarter asked, no quarter given. not for the wounded vets.
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not for the 64-year-old former president. and certainly not for the guy from the fox news anchor desk. you are quick out there, mr. president? you're fast. >> nice job. >> for president bush, holy cow! he is like nonstop. he puts a hammer on it. i went to ask him two questions he was shhhh! >> i must confess. you beat expectations. >> they must have been pretty low. >> yes, they were. [ laughter ] >> the vets exceed expectations, too. >> right up front, behind me with a special operator. >> that special operator is chris self. who was injuried in a firefight in iraq. >> not breathing very hard. i've got an advantage on you. why? i got up and ran six miles this morning. so not only did he just ride for over an hour in the tough terrain, he had already run six miles. >> mr. president, he is
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an animal. you see! i don't think anybody understands how a 60-plus year-old man can ride with us. >> 12-mile ride of day one was a cakewalk compared to the 30-mile endurance test of day two. ♪ ♪ ♪ ♪ >> halfway through the day, former marine staff sergeant andy hatcher damaged a key piece of equipment. >> i endoed. i have went over the handlebars. i broke my prosthetic. so i ended up finding my way and was able to make it back in one piece. without making too much damage. >> it's just, it's nuts and bolts, man. it will break like any other component on a bike. it's funny. you think it would be more resilient than a body part but that is the opposite.
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he met bush before, at the bethesda naval hospital where he was awarded his purple heart. >> it was fantastic. it was an emotional time. >> i don't, i guess it was, it was one of the highlights of my life. >> at the pack crosses the second day's finish line, it's clear the former president and the vets are having the time of their lives. >> that's what i'm talking about. >> but that doesn't mean it was easy. the former president took his share of falls. >> he took a hard spill out there. he got up, got back on the bike. brushed himself off. took off riding. without a thought. >> a lot of others took their lumps. and loved it, too. >> it's all about mountain biking. if you are not falling, you are not mountain biking hard enough. >> with the day's riding done, president bush poses for a few more pictures. >> we'll see you for dinner.
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>> that night bush and the vets share a meal and shoot the breeze. >> we talked about bikes, talked about riding, crashing. we talked politics last night. it was just like i would do with any of my buddies. >> he gave me the nickname big boy because i had some ribs. they were good ribs. but got the nickname big boy. >> for the wounded warriors, a meal to remember. breaking bread with a former president. >> i feel a special kinship to those two wore the uniform during my time as commander-in-chief. >> you maybe would have guessed you were the guy that made the decision do you feel responsible? >> not really. these are volunteers. obviously, if i didn't think the cause is worth it, i wouldn't have asked them to go in harm's way. they did so willingly. the ones here did. >> i put myself in that situation. >> army specialist juan carlos hernandez lost a leg when his helicopter was hit by a rocket propelled grenade in
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afghanistan. >> i made that decision and i have nobody to blame for losing my leg or any other injuries that happened to me. >> i bear no guilt. i do know i have a response to believe honor them and support them. for rest of my life i will. we were in a great adventure together. for the sake of peace. i will never forget their sacrifice. >> day three. the warriors prepare to face another 12 miles of up forgiving trails. >> the last two days have been challenging to say the least. >> president bush and the vets took off bright and early. >> at the end, it was clear. three days of hard riding, had take an toll. >> it was tough. it wasn't, you know, leisurely cruise. the leg wasn't fitting right. it got in the back of my leg. after three days of hardcore riding it got to me. >> army specialist learner would haven't it any other way. >> a challenge. this is a race. this is exactly how we want
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it. i don't want him to sit next to me and ride next to me because i'm doing slow. no. >> finally the rode end, and for these brave veterans and countless other vets the road of their changed lives stretches ahead still. >> i don't want it to be over. it is. i don't want it to be over. >> the time in heaven is over now, go back to reality. >> definitely one of those stories. i'll tell my grandchildren and they can tell their grand chirp. i'll cherish the event for the rest of my life. >> i'm sure someone in my country is saying my life is miserable, why me? i hope they look at up with of the vets and say if that person can do it, i can overcome the difficulty. ♪ ♪ ♪ soldiers finally coming home ♪ >> shannon: true heroes. up next, the special fourth of july economic round table. copd makes it hard to breathe, so i wasn't playing much of a role in my own life,
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we are going to talk object our economy with our panel. liz claman. michael landon from ray's restaurants. sindcated columnist charles krauthammer. david, let's start with you. your fortune 100 company, sales of 33.4 billion in 2010. 130,000 employees. look at stats and it's
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impeaceive. what are your thoughts about where things stand now from the perspective of sitting where you sit? >> interestingly, it's that you close 32.4, and this year is going to be $37 billion. >> growth is increasing. >> things are growing. if we were to look around the world, we see sales growing in every region and every business. we do see things moving along and getting better there are still causes for concern. this comes to consumer spending. that worries me the most. consumers, especially the impact of the high oil prices. it really takes a lot out of their pocketbook. all of our businesses are doing well. the only one struggling is the one that sells to consumer retail. auto parts. it's like people have a budget for their car.
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they will spend a certain amount. if the it all goes to gas, the other stuff doesn't get spent. there are reasons for concern but i believe the global recovery is more robust than people give it credit for. both of those events that happen a year ago. we could have had the crisis of confidence. that precipitated a double dip and we didn't. that said, it doesn't mean things will be great. we don't have the robust growth we are hoping for. >> shannon: confidence is a big part of whatever the growth and recovery will be? >> absolutely. every time you see the economy numbers tick up, or tick down, everybody makes a sweeping statement. there is an inability to seize on a trend. one of the things they look good and the next they don't go back to what david cody is saying. he runs gigantic company.
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take warren buffett with 70-plus companies from his umbrella, from jewelry to dairy queen and fruit of the loom, brick companies. he says every one of his businesses except the ones tied to the housing market look a lot better. not gigantic numbers to the up side. but moment by moment, improving. that is a trend that you can look at from a business perspective and say okay, now is there a disconnect between the numbers that you see that you put on the screen to start? we have millions of people unemployed. that needs to be attacked. how do you do it? >> shannon: michael from a small business perspective, what is your sense of the economy and what do you see in the restaurant? you have five restaurants in under 250 employees. >> well, i can only speak anecdotally. i'm not an expert here. >> shannon: you're an expert in your own it be. >> in my own small business. my overall view is that the spirit of entrepreneurship and
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innovation in the american people is indomnable and will bring the economy around. my experience for 2008, i have created 75 to 100 new job positions. since the worst of the economy hit. a lot of that was a distinct and overt decision op my part to devote my resources in the company to creating jobs. >> bret: we're watching video of the president eating at your restaurant. with russian president medvedev. >> with that, i should mention my experience might be unique because i did benefit greatly from some public windfall. i made the decision at that time to translate the windfall to reinvest in human capital to reserve jobs i had. making a distinct stand not to eliminate positions dapped vote all of my resources at the expense of my bottom line.
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to hiring and creating new job positions knowing with a turn-around eventually the people will be there to benefit just not my business. but the economy moving forward. >> bret: are you exceptions of business owner to put it back in? >> i would like to think i'm less of an exception and more people would put the human capital ahead of the bottom line considerations. there are unique companies doing so. historically people who invest in job and business develop in the hard times are poised to profit exponentially at a greater level once the economy does turn around. >> bret: world events and watching greece and austerity over there, and the concern about the dollar, charles, makes some business owners we talk to just a little scared. >> that is understandable, because when you don't know --
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we had a scare about the money market. even assumes it's short money and we had a terrible scare in 2008, of course. meaning that you couldn't get return on your money market fund. the banks in europe are dependent on the loans and some of our banks have invested in the money markets here have invested in european loans. so as long as that remains upsettaled. it puts it on entire economy. true that large business and some small are doing rather well. staying a i float and getting reasonable profits. that is why the stock market is doing despite a slight setback doing well compared to where it was a couple of years ago. but the problem is at the consumer level, confidence is low. we showed we had underemployment with one out
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of every state. and the worst element of that is that among the unemployed, against the american interest, more than approaching half, have been unemployed for over six months. that is historically unprecedented in the united states. this is a phenomenon that is seen often in europe, rarely seen here. in 2007 the average time to get a new job was five weeks. it's now near six months. that implies a whole segment of the population, the more elderly or the middle-aged who may never get employed again. >> bret: so the question is how to turn that around? >> well, you have two different answers. republicans argue that you reduce the debt. confidence in the economy, reduce taxes as well. democrats, i'm not sure how good an answer but they try to change in stimulus, that had a my mall effect. fed stopped easing. meaning printing money
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there are no of course sources of stimulation except perhaps i think that perhaps obama will suggest a further reduction in the payroll tax. that would be a way to pump money in easily. i'm not sure either will be easing enough to sway the electorate. >> bret: we'll dig in and do some more possible answers, a look at taxes. green jobs. the housing market. how it all pieces together. with our expert panel on this fourth of july. talking about the economy. verizon claims its 4lt is twice afast as at&t. we're putting them to the test against the speed of a rescue unit. go ! they're downloading a music album. the first network to finish gets rescued. does your phone know that we're racing ? done ! verizon's done ! i've got seven left !
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but awesome ! ♪ nationwide is on your side ♪ but now i see the splash., ♪ i wanted love, i needed love ♪
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♪ most of all, most of all... ♪ >> bret: welcome back to this special fourth of july "special report." with an economic round table. as you look at the situation currently in the economy, when you talk about inflation, right now, consumer prices are rising at an annual rate of 3.6%. in 2011. according to the bureau of labor statistics in 2009, consumer prices fell an average of .34%. as you look at the gas prices, the average in january of 2009 was $1.84 per gallon. now, the average is .3.56 per gallon. that has come down in recent weeks. back with the economic panel. we bounce solutions. we talk, liz, about the possible arrows in the quiver for the administration and the fed.
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there aren't many left. but what could change the game? >> president obama has said tax hikes are not the answer. he is probably going to be reminding some of his democratic fellow countrymen and women who are negotiating right now about the debt ceiling. but he at this point has said he doesn't have a taste for any kind of tax hike per se. however, there are other opportunities. he extented the bush tax cut, he had congress do that, push for that. now do we do another tax hol take like from 2004 to big corporations who make a lot of money overseas? they make money but based overseas, and when they bring the funds back, they are taxed at 35% rate. they were already taxed in the country they made it. they're almost doubled tax. if you gave them a holiday would it then inspire them to bring back -- there could be almost $1 trillion for businesses like apple,
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microsoft, merck, pfizer. would they bring the money back and then use it to build up plants here in the united states and hire? there is no guarantee but it didn't exactly work that way in 2004. some brought it back and put it in the form of dividend and fired people, laid people off. if there could be a deal or come not mize or garp tees that the companies once they brought it back at reduced rate of 51/4% would they take the mup and build the plant? you have jim roger osof duke energy who said he would do that. >> bret: dave, would it work? >> if i go to the beginning of the question, because it's narrow item, i'd say. some point to stimulus and would say it's infecktive. i never seep such fear in the business community as i did at that time. everybody panicked. when you run into a panic and
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you lose the confidence, you need a psychological shock to get people back. i like that the herd was running off the cliff and you had to fire a shot. you might have killed a cow in the process or someone said it could have gone this way, but you had to stop the herd from running off the cliff. we go through the worst recession in 80 years and it's difficult to come out of this. it's be a horrible time. in addition to psychology, we need to make sure that conditions are right. psychology is still not there. oil prices are up with thing that drive that. just as i start to feel better as a consumer, i'm paying the ridiculous gas bills. i don't know where it ends. i know it ended at $150 last time. it's $100 now. where is it going to end? if there are things i recommend, the first up with would be don't do too much. because there is a tendency to confuse action with effectiv
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effectiveness. they can do a lot of things that aren't going to do anything and just waste money. we could do the payroll tax holiday which i like. it puts mup in consumers' pockets, people who are going to spend it right away. which is a good thing. we have to address the energy price side. only thing that addresses that in the short-term is why? we could get a two-fer on this one. there was a lot of drilling possible in u.s. and canada. held up today. a couple thousand jobs held up with that. it would boot people to work. knowing the more supply reduces the gas prices. >> do you think the possibility in this administration? >> i like to think everything is possible going through the time we are. i'd like to think those idea are under consideration. i'm under the energy efficiency side. as company, if the they used the existing hopnywell product and technology, you could save 20 to 25%. [ laughter ]
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i'm not arguing for the oil guys. big on the new mexico efficiency. we can't ignore the fact that supply will solve. you have to have a plan for the debt. you don't have to implement it right now but you have to have a plan that the market believe will deliver. >> michael, obviously, the gas prices affect people's, you know, what they have in their pocket. >> right. >> you see that from a small business perspective. >> two ways, because not only do energy prices directly affect what the consumer has to spend but the cost of food marchs in lockstep with the cost of energy. we actually rise at a high rate when the energy prices are rising but there is a direct correlation so we are seeing a catastrophic rise in the price of food today globally. not being expert but there are global issues involved in that, as energy issues involved where we are in a squeeze where people have less
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money to spend based op energy prices and their food bill at the same time in our segment the cost of doing business is rising exponentially when it comes to our food cost. >> stratra see thegic petroleum reserve tapped by the administration. you were critical of that. but obviously they think gas prices have an effect. >> our tapping of it supplied eight hours of world oil consumption. third of a day. so we have no effect. it was a political maneuver. >> price of oil. >> but if it did in up with day, return. it cannot possibly have a permanent effect. releasing a amount of oil that is trivial. even if american terms. it's about up with day of consumption in american terms. on the second and third items, mr. cody mentioned, drilling you are not going to get out of this administration. i mean tax holiday is a good idea op payroll taxes, but
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where the real win-win is, is in tax reform. where you eliminate loopholes which will stimulate the economy. because all of those loopholes are distortions and inefficiencies. with the money you generate, you reduce the rate across the board. personal income tax and corporate taxes. the 1986 tax reform was the single most effective piece of legislation in 0 years. it can be done. real stimulant. nobody has political currency. to at least attempt it. >> bret: we will pick up there with the final segment with the special economic panel on the independence day. stay with us. [ male announcer ] do you know how you will react when someone changes lanes without warning? or when you're distracted? when you're falling aeep at the wheel? do you know how you'll react? lexus can now precisely test the most unpredictable variable in a car --
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>> bret: welcome back to the independence day panel on the economy. bring back our panel. liz claman, david cody, michael landrum and charles krauthammer. michael, we talk about the taxes. what as a small business owner would you like to see going forward? if there was a change to stimulate businesses like you? >> they're caught up in the day-to-day survival of making your business work from one way to the next. with us, rather than tax rate or policy, the biggest effect with impact on us is the purd of compliance. all of the regulations that we have to follow for relatively puny sums. which small businessman is incredible burden in time and resources. the overall, the overall policy, the only up with thing i can say and it's a quote is
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when it comes to taxes, a nation cannot prosper between it favors only the prosperous. whether it's small businessmen or whether the minimum wage workers or the lower income workers, the middle class workers. that can't continue to exist. still have the thriving spirit of interneuroship and innovation, which drives america and creating the jobs that we're looking for. >> bret: liz? >> we are looking for job creation, whether it's the less regulation or allowing a idea, like senator kerry has for the startup visa act, which would enable foreign born nationals who are here getting education at the universities to get a green card if they are starting up a business. if they would stay here,
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senator kerry, ludall have an idea and it's got broad-partisan support and let them stay here and create the most jobs. go to silicon valley, yahoo, ebay, microsoft, intel, all of them have big invest in the that type of thing. >> bret: charles? >> two ideas have been raised. we have two resources of energy. win-win. if you drill, you have to hire. hundreds of thousands of people would be hired. democrats would lift their religious averse to any drilling, particularly in the arctic, which has been left to fallow for three decades would be supplying every day what that release of the strategic petroleum reserve would have drop for a month only. tax reform. win-win. in fairness and productive. it le names loopholes and lowers the grace. that is spinning out there but
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not being done. >> bret: david, time word? >> if you were trying to create a tax system that was uncompetitive, job killing you could not have done a better job than we have done up to this point. the system that we have is horrible. that is why i'm a big supporter of the simpson-bowles proposal of which i was a part. i have a vested interest here but i think we put a lot of thought in it. to eliminate all the deductions and the credit and goes to the very simple broad-based system with low rate. you'd see the simplicity of it, people's understanding. a lot of jobs come out of the system that people understood. >> bret: liz, david, michael, charles, thank you very much. this has been really interesting. we go now back to shannon bream for the rest of the fourth of july special. of "special report." shannon? >> thank you. up next on the independence day, we salute the men and women serving the great nation here at home and around the
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>> shannon: a tribute to the men and women serving in the u.s. military on this independence day. sent in to thes september in fox facebook support our troops facebook page. good night. i'm shannon bream from captioned by closed captioning services, inc.

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